Nifty slips below10,300 mark; Metal, FMCG stock declines
Domestic share indices started the session on a weak note, tracking global markets, which were subdued on US import tariff concerns, and led by continued weakness in commodity-related and banking stocks.
In the broader market, the BSE Midcap and the BSE Smallcap indices inched higher by 0.15% and 0.40%, respectively.
Shares of Aurobindo Pharma, up 1.5%, led gains on Nifty50 after the company received the US Food and Drug Administration’s approval for generic of Ziagen drug.
ITDC stock soared 10.5% on the BSE. The stock gained for second consecutive session on the back of heavy volumes.
JP Associates stock rallied 10% after Rare Enterprises bought 3cr shares or 1.2% equity stake in the company at Rs18.37 per share valuing the deal at Rs55cr.
Shares of metal and mining companies continued their weakness. The Nifty Metal index fell 1.1%, declining for the third straight day, led by 5% fall in shares of Coal India as they traded ex-dividend today.
Banking stocks also extended the recent weakness as the Nifty PSU Bank and the Nifty Bank indices fell over 0.5% each.
Shares of pharmaceutical companies were among the top performers in morning trade, with the Nifty Pharma index rising 0.5%.
The volatility index, India VIX down 0.34% at 14.2800.
Aurobindo (+2%), M&M (+1.8%), Zee (+1.5%), Yes Bank (+1.3%) and Hindalco (+1%) were the top gainers on Nifty50.
IOC (-1.6%), UltraTech (-1.2%), BPCL (-1.1%), NTPC (-1.1%) and HPCL (-1%) were the top losers in today’s trade.
A total of 10 stocks registered a fresh 52-week high in trade today, while 14 stocks touched a new 52-week low on the NSE.